Prior to publication, the
information contained within this announcement was deemed by the
Company to constitute inside information as stipulated under
the UK Market Abuse Regulation. With the publication of
this announcement, this information is now considered to be in the
public domain.
15 March 2024
Zephyr
Energy plc
("Zephyr"
or the "Company")
Award of
rig contract to Helmerich & Payne
Zephyr Energy plc (AIM: ZPHR)
(OTCQB: ZPHRF), the Rocky Mountain oil and gas company
focused on responsible resource development from carbon-neutral
operations, is pleased to announce that following a detailed
selection process, Zephyr has signed a rig contract
with Helmerich &
Payne ("H&P") for its Rig 257
which will be used to redrill the State 36-2 well (the "State 36-2R
well") on the Company's project in the Paradox
Basin, Utah, U.S.
Rig 257 is a Flex 3 1,500HP drilling rig fully
capable of
drilling the planned well and managing the high reservoir
pressures expected to be encountered.
The rig is wrapping up a sustained and
successful drilling campaign in the nearby Uinta Basin and will
mobilise to the State 36-2R well site in the near-term, with an
expected spud in mid-April. In the meantime, the Company
plans to mobilise a spudder rig to site in order to set the
conductor casing ahead of the larger drilling operation.
Colin Harrington, Zephyr's Chief Executive,
said:
"We are pleased with the swift progress made by Zephyr's
operational team in securing the rig contract with H&P
following the recent final permit award, and believe that Rig 257
is particularly well suited for the State 36-2R drill. The focus is
now on drilling the well safely and efficiently, with full drilling
operations expected to start in mid-April."
"We look forward to keeping our investors well-informed as
operations develop at the well site."
Contacts:
Zephyr Energy plc
Colin Harrington (CEO)
Chris Eadie (CFO)
|
Tel:
+44 (0)20 7225 4590
|
Allenby Capital Limited - AIM Nominated
Adviser
Jeremy Porter / Vivek
Bhardwaj
|
Tel:
+44 (0)20 3328 5656
|
Turner Pope Investments - Joint Broker
James Pope / Andy
Thacker
|
Tel:
+44 (0)20 3657 0050
|
Panmure Gordon (UK) Limited -
Joint Broker
Hugh Rich / James
Sinclair-Ford
|
Tel:
+44 (0) 20 7886 2500
|
Celicourt Communications - Public Relations
Mark Antelme / Felicity Winkles /
Ali AlQahtani
|
Tel: +44 (0) 20 7770 6424
|
Notes to Editors
Zephyr Energy plc (AIM: ZPHR)
(OTCQB: ZPHRF) is a technology-led oil and gas company
focused on responsible resource development from carbon-neutral
operations in the Rocky Mountain region of the
United States. The Company's mission is rooted in two core values:
to be responsible stewards of its investors' capital, and to be
responsible stewards of the environment in which it
works.
Zephyr's flagship asset is an
operated lease holding of over 46,000 gross acres located in
the Paradox Basin, Utah, 25,000 acres of which has
been assessed to hold, net to Zephyr, 2P reserves of 2.6 million
barrels of oil equivalent ("mmboe"), 2C resources of 34 mmboe and
2U resources 270 mmboe.
In addition to its operated assets,
the Company owns working interests in a broad portfolio of
non-operated producing wells across the Williston
Basin in North Dakota and Montana. Cash flow
from the Williston production will be used to fund the
planned Paradox Basin development. In addition, the Board
will consider further opportunistic value-accretive
acquisitions.